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You can work your butt off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take a good deal of work.
Passive income is money you earn from a product or an investment where you dont have to do any more work after you set it up. That means consistent cash flow every month if youre working or not.
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Thats the only real way to financial freedom. Passive income is the only way that you will be free of worrying about money and the only way that you will ever reach financial independence.
Im going to share my seven popular passive income resources, income flows I use to create money each month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands a month you can count on.
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Im going to begin with the easy passive income ideas, the ones which you can begin making money on immediately and will operate through to the ones youll create the most money on as we go through the listing so make sure to stick around to catch those last few passive income strategies. .
Our first side hustle idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because theyre different kinds of sites.
Swagbucks is a get-paid-to website so that you get paid to do things like take surveys, play video games, watch videos and test out free product samples. Doing all them, you earn points which are usually convertible to one hundred points for a buck.
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Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks users have redeemed over click for more $344 million in rewards for gift cards and Amazon rewards.
Now Ive been using Swagbucks for a while and have found that the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd have to operate 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is you can take action when youre doing something else so I flip through surveys and other things while Im cooking dinner or flipping channels. .
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TopCashBack is an online shopping cash back website where you get a percentage discount on anything you buy online. What you do is start at the TopCashBack website then click through one of the 4,000 retailers using a cash back program.
These are everything from Nike to Home Depot and you get from 3 percent to 25% cash back on anything you buy. Youre still shopping directly on the retailers site so that you receive the rest of the discounts and bargains they provide, you simply get an additional bonus for going through the TopCashBack site first. .
TopCashBack is a little better with the average cash back around 6% of your purchase so if you spend $1,000 online youre going to get $60 back. Again, not something thats going to make you rich because you have to buy stuff to get the money back but its completely free money on the things you were going to buy anyway. .
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Our next passive income idea is blogging. Im not a big fan of the term blogger because it sounds like youre only writing random notes on a site. In reality, owning your own piece of electronic real estate is large money.
I started my own sites in December 2014 and broke $5,000 a month just two years later. I averaged $5,500 through 2017 and thats not including side hustle work I did freelancing.
Blogging is still going to take work starting out. That path to $5,000 a month didnt happen overnight but just like property development, it build an asset that now creates constant cash flow whether I work or not. I get over 30,000 visitors a month from Google search rankings, rankings that'll continue to send traffic even when I take a little time off. .